
u 

0 


hug 

q 40 


PREFACE. 




p ... , 


The following article is condensed from an essay prepared and 
published by Mr. Clark W. Bryan, of Holyoke, Mass., in The Paper 
World and The Manufacturer , of which he is the editor and propri- 
etor. It reflects the impressions of a competent and critical observer, 
who has taken the time to gain an insight into the character and 
workings of an institution of which the general public know but little 
-except in the abstract. It is reproduced as one of the best word 
illustrations of the business which has recently appeared, and will 
repay a perusal by all who have an interest in the working and 
management of a Mercantile Agency. 




CREDIT: 


ITS MEANING AND MOMENT. 


Pausing momentarily on the midway staircase-landing, which 
has prominent place between the second and third stories of the 
Bradstreet establishment at 279, 281 and 283 Broadway, New York, 
an undefined sensation, w r hich attains almost to inspiration, comes to 
the hand that traces these lines as the eye falls upon the army of 
busy workers below — an inspiration creating an intense desire to 
learn, if possible, what battle of life that army is engaged in fighting 
so earnestly — whether the cause in which its daily engagements are 
being made is a just or an unjust, a noble or an ignoble, one; whether 
engendered in generous or selfish-minded motives, and also whether 
the day is being lost or won by the serried ranks of men and women 
there drawn up in battle array. 

The rank and file of this army, we see at a glance, is made up of 
deftly-fingered scribes, and all are uniformly armed with a weapon of 
simplicity and yet of great potency — a pen. There are no Paixhan 
guns, or mortars, or muskets, or swords or bayonets — no shot or 
shell. The only volleys discharged are sent through the lightning- 
speeded channels of the telegraph and telephone, from clicking type- 
writers, or from the ordinary pen or pencil, by mail, express post, or 
private messenger. So unerring and effective are these volleys that, 
though neither grape nor canister are used, they are really “the shot 
heard round the world.” It is for the best interests of the commercial 
world that the engagements here noticed are being made — for the 
promulga'On of the condition, and daily changes of condition, of 


6 


CREDIT— ITS MEANING AND MOMENT. 


that element of business life upon which it must wholly depend for a 
healthy existence — commercial credit. 

Upon investigation we find that this little army has its cohorts, 
fighting in harmony with its own efforts and having similar ammuni- 
tion and weapons, located in every city, town, village and hamlet 
in our land, and with prominent outposts in other countries. In 
fact, the corps which has here attracted our attention represents 
only a tithe of the grand army, of which this is only a fraction, 
albeit, however, a most prominent and important one. But the 
commander of the army, no matter where the regiments, battalions 
or companies may be stationed, has his headquarters here, whence 
all orders are given, where all weapons are provided, all ammunition 
furnished, and where all victories and achievements, all losses and 
defeats, are carefully chronicled and systematically recorded. 

Let us pass up the full flight of stairs to the third story of the 
building, look in at the executive officers’ quarters, and observe in 
detail the plan of operations. There are no military trappings to 
be seen. The commander and his subordinate officers have no 
cocked hats, epaulets or other insignia indicative of superior rank, 
position or power. We hear no martial or other music, save that 
which is made by the hum of voices in passing the word of com- 
mand from one to another, the tracery of pens upon countless sheets 
of paper, the click of telegraphic instruments or the impertinent 
“ hello ” of the telephone. The field-glass of the commander is only 
a pair of plainly-mounted spectacles, but the lenses are clear' and 
comprehensive ones ; they are far-seeing, and cover a wide field of 
observation in the twinkling of an eye. There are none of the 
exciting scenes of a military commander’s headquarters, no vociferous 
giving of orders, no din or disturbance of any kind. The tap of a 
bell or the touch of a knob instantly brings a lieutenant, to whom 
orders are quietly given, or through whom necessary information is 
gained. The costly and cumbersome belongings of military rule are 
quite unnecessary, for it is only an army of civilians that we see 
before us, and a battle only of finance that is in progress. Method, 


CREDIT— ITS MEANING AND MOMENT. 


7 


system and order characterize the place and hour ; and these are 
supplemented by a prevailing spirit of industry and economy, of 
honesty of purpose and nobility of aim. Through these agencies 
the commander is kept well advised of every movement made on 
all the different fields of action; is notified of all advances or repulses, 
of all gains or losses, of all hindrances or progress — of how, and 
when and where everything, even to the minutest detail, is done. 
Through these agencies, also, the occupants of the different fields are 
ever kept in marching order and ready for such service as may be 
required of them. 

Here we must drop metaphor, and take up some of the facts and 
figures which we find covering the history, position and potency of 
an institution which has now become one of the most important 
factors in the departments of commerce and finance, and which, it 
is fair to presume, in the coming growth and outreach of our coun- 
try, is destined to become still more wide-spread and powerful as a 
recognized regulator and indicator of business credits throughout 
the length and breadth of our continent. They who assume to do 
this take upon themselves a great responsibility, morally as well as 
in a commercial sense. This is the position at which The Bradstreet 
Cotnpany is aiming, and the army of workers herein mentioned are 
a part of the chosen instruments through which it is purposed to win 
success in this great undertaking. 

In connection with this we note that it is both interesting and 
instructive to wait upon and witness the occurrence of events which 
go to make up the details of a nation’s growth and greatness — to 
know of its faiths and beliefs, the increase and development of its 
internal improvements, the expansion and extent of its manufacturing 
and mechanical industries, the unfolding of its commercial strength, 
the enlargement of its power, its increase in influence, in domain and 
in worth and wealth. As we come to know that all these elements 
are necessary constituents of a nation’s life, we learn, too, that the 
commercial features of the list take prominent and important place 
in the outlining of the great programme. Commercial prosperity 


8 


CREDIT— ITS MEANING AND MOMENT. 


and commercial depression buoy up and sustain on the one hand, 
or weigh down and destroy on the other, the material life of peoples 
and nations. When we see the blood which gives life to a commer- 
cial world purified and nutritively enlivened and invigorated by cor- 
rect treatment, we know that good results must follow, measurably 
eradicating the evil effects which fall upon careless and ignorant 
victims or arise from dishonest or incompetent treatment. When 
these dangers come to the surface in the business arena of life, the 
well directed use of such means gives health, strength and perpetuity 
to commercial and industrial progress, challenges the admiration of 
the world, and wins the hearty approval of all well-wishers to human 
progress. 

Of immense magnitude and moment is the work which The 
Bradstreet Company has laid out for itself to do — of magnitude 
as regards the amount and character of the labor to be performed, 
and of moment to every firm or individual that may have a business 
credit or reputation to be defined, or an interest in the credit ratings 
of those with whom he or they have, or may have, pecuniary trans- 
actions. As in the case of a mammoth suspension bridge, supported 
by thousands of strands of wire, each of which in its separate rela- 
tions is only a feeble means of support, but which together in a com- 
bined* entirety are possessed of immense sustaining power, so this 
great work and momentous interest are accomplished and measured 
by a combination of very simple elements. 

The mammoth red-edged quarto volume known as Bradstreet’s 
Reports has come to have such prominent place on the desks of so 
many of our business houses, both large and small, that it is as 
familiar a sight as the Bible is, or should be, in the homes of those 
who have a household at one end of the line and a counting-room 
at the other. The elements of strength and usefulness here found 
are represented by the twenty-six letters of the alphabet. For in- 
stance, we note that a rating of commercial credit is given. to a 
wealthy and well-known house of excellent reputation for integrity 
and honorable dealing, as follows : 


CREDIT— ITS MEANING AND MOMENT. 


9 


Jones, Smith & Robinson . . . W. Grocers G Aa 

Only this and nothing more. And yet any one possessing the book, 
or having access to its pages, may learn at a glance that Messrs. 
J ones, Smith & Robinson are there put down as being worth a round 
million of dollars, and that the credit of the firm is practically unlim- 
ited. And again we read of another house, not so well known or so 
long established as the first named, as follows : 

The New York Publishing Co SC 

and we find upon examination that according to this rating the New 
York Publishing Company is estimated as being worth from $20,000 
to $30,000, and that the company is in proportionate credit. These 
two instances, be it remembered, are only those of some 900,000 
similar ones having locations in numberless cities, towns or villages 
from Portland, Maine, to Portland, Oregon, and from Manitoba to 
Florida. To be able to make intelligent mention of all these is a 
part of the work of magnitude and moment before spoken of. “ But 
who ventures to make these statements ?” is asked; and the reply 
is made, “ Why, Bradstreet’s.” “ Well, who is Bradstreet’s?” very 
properly comes next, “ and how is all this known ? ” These questions 
are pertinent ones, and the answer, though somewhat lengthy, is an 
interesting one. “ Bradstreet’s ” is the representative name by which 
an incorporation, working under the title of “ The Bradstreet Com- 
pany,” is popularly known, and the object or mission of this company 
is to carry on and maintain an institution for the procuring of valuable 
information regarding the standing and financial condition of every 
business man in the country, for the protection of the business public 
against unprincipled men and unscrupulous methods in commercial 
transactions. This is, indeed a task of Herculean proportions, and 
one which must require in its performance great skill and sagacity, 
excellent judgment, nice discrimination, fidelity, and a spirit of honor 
and justice which rises above bias or prejudice of any kind. This 
work is what the little army already mentioned, from the commander 
of the closely-gathered forces on through the list of subordinates 


IO 


CREDIT— ITS MEANING AND MOMENT. 


down to the messenger boys, in connection with thousands more 
scattered abroad throughout the country, are engaged in doing. 

In order to learn of the necessity of the existence of this institu- 
tion, and to see how well its mission is being performed, let us look 
at its why, its wherefore, and its accomplishments. No one, we 
think, will pretend that an ordinary individual or firm can success- 
fully undertake, personally, to obtain correct information as to the 
standing of their customers without incurring an expense that would 
be burdensome or ruinous. Neither will it be asserted that the 
business of this or any other country can be carried on without the 
recognition and use of the credit system. Without credit business 
can never be conducted to an extent that would insure growth, 
development, or even a healthful financial condition. The abor- 
igines, perhaps, might well be satisfied with a condition of affairs 
which could be compassed without the intervention of credit, without 
occasion to ask for or to accord it; but civilized humanity has a 
more inspiring mission, which can never be wrought out on the plan 
of operations pursued by the rude inhabitants of the wilderness. 

It must be obvious, at least to a close observer, that the occasion 
for being well posted on credit ratings and of having ready facilities 
for knowing of the same obtains in this country to a greater extent 
than in England or France, or any of the other European countries, 
for two reasons ; the first of which is, that throughout the old world 
business has been handed down through generations, from father to 
son, or through close relations of kinship and alliance, to an extent 
that enables trade to be extensively held among old-established 
houses, a large per cent, of commercial transactions being between 
individuals or firms well known to each other, or so located that 
personal effort can readily obtain all desired information ; the other 
reason, equally significant, is the ability to see or learn readily, by 
means of personal or delegated application, the situation of affairs in 
any particular case, as one can go from London to any part of 
England in a few hours — five or six at the most. In this country, 
on the contrary, with commercial transactions spread out over 


CREDIT— ITS MEANING AND MOMENT, I I 

3,000,000 square miles, with a population of 56,000,000 souls, 
attempts in this direction would be simply impossible. When we 
compare the extent of territory of the American field of trade opera- 
tions with that of England with its 122,000 of square miles, or of 
France with its 204,000, substantial reasons for the existence among 
us of a more extensive and thorough system of mercantile agency 
methods than they require become apparent. 

To come down, then, to a consideration of our own country’s 
commercial affairs. As long as our producers, manufacturers or 
merchants are satisfied to sell only to their immediate neighbors, 
with whose disposition and ability to pay they are perfectly con- 
versant, so long are they independent of any outside aid in the line 
of business which a mercantile agency represents. Such a limited 
business as that, however, would hardly be remunerative or satisfac- 
tory in all respects. But as the circle of commercial transactions 
widens and reaches out broadly the necessity of such agency aids 
becomes apparent. In short, merchandise cannot be sold and dis- 
tributed without the aid and acceptance of the credit system. That 
system, when once in vogue, necessitates, on the score of safety and 
prudence, a knowledge of the financial condition of those asking for 
credit, and this includes every one who buys and sells, even from the 
least unto the greatest. They who have millions of property value 
invested in their commercial enterprises often, and very often, too, 
are they who ask for the greatest lines of credit. And they of 
smaller capital and extent of trade certainly must have credit or else 
confine themselves to a circumscribed limit of business that would 
not afford them a livelihood. These facts admitted, the next thing 
in order has been, and must ever continue to be, the providing of 
some means for ascertaining to what extent both those representing 
the first and last mentioned classes of persons are entitled to consid- 
eration in the way of trade. The work of one man, or a system 
that will operate as one man, devoted entirely to the procuring of 
such information, would certainly be more efficient and satisfactory 
than would unsystematic and random efforts in the same direction. 


12 


CREDIT— ITS MEANING AND MOMENT. 


Sensible business men early saw this, and that, too, long before the 
need was as great as it is at present. England was the first to 
introduce the commercial agent upon the stage of action, but his 
practical work in that country has not been as fully developed as in 
this, where his progress has been more rapid and the field more 
extensive, the trade being scattered broadcast, and it being impos- 
sible for the one who sells to ascertain to any degree of certainty 
the condition of those who buy. This can only be effected by 
organization, by a combination of men and means at once active, 
efficient and powerful-. 

The almost entire destruction of credits by the panic of 1837 
resulted in greater care and closer scrutiny by the merchants of the 
eastern cities of our country than was before given to the standing of 
their customers, and the most prominent of them at that time began 
to take proper measures for self-preservation in this respect. The 
first known movement in this direction was in 1841, by Lewis 
Tappan, a member of the then far-famed and wealthy house of 
Arthur Tappan & Co., of New York, for which firm he examined 
into and reported upon the credit standing of its customers. His 
judgment was good and his investigations carefully made, but they 
of necessity could not, generally speaking, be complete and full. 
The methods then adopted, however, served his purpose so well that 
no effort was made to adopt any other plan until competition came 
up abreast of him while plodding along in his accustomed ways. 

Accident put that competition on the track beside him in 1848. 
Mr. John M. Bradstreet, a lawyer living in Cincinnati, was made the 
assignee of a large insolvent estate, and in settling up its affairs he 
necessarily became familiar with the financial position of the bankers, 
manufacturers and members of the mercantile community in and 
around Cincinnati. This information, he found, served him to so 
good a purpose as to suggest the idea that the same would be useful 
to those engaged in trade elsewhere. While arranging the details of 
the insolvent firm he was brought into close relations with some of 
the leading merchants of New York, who, upon finding him to be 


CREDIT— ITS MEANING AND MOMENT. 


13 


a man of accuracy, sagacity and much information regarding the 
condition of business and the standing of firms and individuals in 
the west, succeeded in making arrangements with him according to 
which he was to furnish them with such information as would be 
useful in connection with the relations existing between themselves 
and their western customers. The success of the undertaking was 
so marked as to soon render it apparent that the merchants 01 
other cities would be equally benefited by being able to obtain 
similar information. In 1849 the business had increased and 
the area of operations expanded so broadly that an office was 
opened in New York, at which time “ Bradstreet’s Improved 
Mercantile Agency ” was first introduced to the public. From 
that date to the present hour the growth of the institution has been 
rapid and vigorous, and now the field of The Bradstreet Company 
reaches from the Atlantic to the Pacific Ocean, from Hudson’s Bay 
to the Florida Keys, from London and Liverpool to Australia, and 
is known to business men of all commercial nations. 

This prominence and success has not been easily won, nor has 
the enterprise always had clear skies and favoring gales. At first 
there prevailed — and to the present time, even, there prevails in 
some degree — the idea that the mercantile agency is a system 
of espionage, a prying into the affairs of firms and individuals for 
selfish and unworthy purposes. These unfounded prejudices, how- 
ever, are fast becoming obsolete, as well they may when the fact, as 
fact it is, has full recognition that 95 per cent, of all the commer- 
cial reports of Bradstreet’s are of favorable import, and especially 
when supplemented with the equally truthful and significant state- 
ment that the parties reported upon always have the opportunity 
to give the facts and all desired information regarding their own 
standing and condition. Just here it is pertinent to say that great 
care is always necessary in order to prevent too favorable reports 
from being made and accepted. It is a very difficult matter indeed 
to avoid the' Charybdis of exaggeration on the one hand while 
nearing the Scylla of close statement on the other. Thus it is that 


14 CREDIT— ITS MEANING AND MOMENT. 

the given statements of the directly interested parties too often can- 
not be relied upon in making up reports, and the need of verification 
or substantiation, by means of further information or observation, 
becomes at once apparent. The fact that the commercial world 
has become accustomed to refer to, and to be influenced by, the 
opinions and ratings of Bradstreet’s is the most convincing evi- 
dence that the danger of an incorrect rating or misleading index of 
credit has been reduced to a minimum of possibility. In order to 
avoid this danger, the close scrutiny, the great care and thorough 
investigation which must necessarily be exercised in securing all 
possible particulars having a bearing upon mercantile credit, have 
given whatever occasion there may have been for the charge of 
espionage so often made against mercantile agency methods. But 
when once fully understood in all the existing relations of methods 
to results arrived at, as it is fast becoming, the baseless fabric, 
reared in ignorance, falls to the ground. Too much inquiry cannot 
well be had, toq much care cannot be taken, too much good judg- 
ment cannot be exercised, and too much consideration cannot be 
brought to bear upon the combined elements of apparent condi- 
tion and surrounding circumstances, in procuring and manipulating 
the facts upon which business credit is established. Here is where 
. the printed motto of Bradstreet’s, elsewhere quoted, “ System, 
Fidelity and Honesty,” has its direct bearing and application, and 
where it is as effectively lived up to as the constitutional weak- 
ness of humanity will permit. So fairly and conscientiously has the 
wor-k of gathering commercial information been performed, since 
the methods and machinery of manipulation have been developed 
and improved, that Bradstreet’s has now the hearty approval and 
cooperation of the leading merchants and business men throughout 
the country. Those who were at first the most pronounced in 
their denunciation of the methods in vogue have often been not the 
last to clamor for the same service for their own benefit ; and the 
cry that once went up so frequently, that the work of the institution 
was one that favored the interests of the few and disregarded the 


i5 


CREDIT— ITS MEANING AND MOMENT. 


claims and welfare of the many, will doubtless seldom again be 
heard. The Agency has come, in the course of time, to include 
in its records all traders, both great and small, wherever located. 
To such an extent has this been done that the book known as 
“ Bradstreet’s Commercial Reports” now contains 1,716 pages, and 
the different states and provinces of the continent have represen- 
tation in those pages as follows : 


Alabama, . . . . 

Arizona, .... 
Arkansas, .... 
British Columbia, 
California, . . . 

Colorado, . . . 

Connecticut, . . . 

Dakota 

Delaware, . . . 

District of Columbia, 
Florida, .... 
Georgia, . . . . 

Idaho 

Illinois, 

Indian Territory, . 
Indiana, . . . . 

Iowa, 

Kansas, 

Kentucky, . . . 

Louisiana, . . . . 

Maine, 

Maryland, . . . . 

Massachusetts, . . 

Michigan, . . . . 

Minnesota, . . . 

Mississippi, . . . 

Missouri 

Montana, . . 


21 

3 

17 

1 
39 
13 

30 
11 

7 

5 

7 

25 

3 
103 

2 
62 

54 

27 

4 ° 

18 
25 

3 1 
70 
58 

28 
1 7 
65 

4 


Nebraska 

Nevada 

New Hampshire, . . . . 

New Jersey 

New Mexico, 

New York, 

North Carolina, . . . . 

Ohio, 

Oregon 

Pennsylvania 

Rhode Island 

South Carolina 

Tennessee 

Texas, 

.Utah 

Vermont 

Virginia, 

Washington Territory, 

West Virginia, . . ’. . . 

Wisconsin, 

Wyoming Territory, . . . 

Province of Ontario, . . 

Province of Quebec, . . . 

Province of New Brunswick, 
Province of Nova Scotia, 

Newfoundland 

Prince Edward Inland, . . 

Province of Manitoba, . . 


18 

4 

.15 

4 i 

4 
199 

24 

108 

8 

171 

12 

15 
30 
32 

6 

16 
34 

5 
18 
48 

2 

66 

29 

7 

10 

2 

3 
3 


And this immense book has grown, in the course of a few years, 
from a simple circular sheet of one, two, three or four pages, as 
the case might be, to a ponderous volume of more than 1,700 
pages, which are largely swelled in number with each succeeding 
quarterly issue. 

In addition to all that the book contains, the average number 
of reports received daily at the New York office is counted by 
thousands, all of which are examined, classified and arranged so 
rapidly, systematically and comprehensively that they may be 


t 


1 6 CREDIT— ITS MEANING AND MOMENT. 

referred to, in answer to inquiries, in a few hours after their receipt 
at the office. 

But to complete the story of Mr. J. M. Bradstreet’s connection 
with the now existing Bradstreet’s. The business was removed to 
New York, and some years after his son, Mr. Henry Bradstreet, 
was admitted to a partnership, the firm-name then used being that 
of J. M. Bradstreet & Son. In 1863 the elder Bradstreet died, 
but a special act of the legislature provided for the continuance 
of the business under the same name as before his death, and it 
was so continued until 1876, when the business was incorporated. 
Soon after the incorporation Mr. Charles F. Clark, who had been 
prominently connected with the business for nearly twenty years, 
was elected its president, and he has since been its chief executive 
officer. Since that date the business has more than trebled in vol- 
ume, but has never increased more rapidly or developed more 
significantly than it is doing at the present time. The company 
was organized under the Connecticut laws, and its technical home- 
office is at New Haven. 

Since the formation of The Bradstreet Company the institution 
has been entirely reorganized in detail, its methods simplified and 
clearly defined, its system of working made thorough, complete and 
comprehensive, and the results already apparent in consequence are 
most gratifying and promising in character. Seven years have 
worked wonders, and the fruits of these seven years of intelligent 
and comprehensive labor are being secured in a harvest which is 
already plentiful, with still more bountiful gatherings promised for 
the future. 

From the small beginning of a simple opinion regarding the 
amount of confidence or credit that might safely be accorded to a 
few of the many individuals who ask for, and must have, credit with 
metropolitan traders, we now see more than 900,000 persons or 
firms listed and classified as being worth certain amounts of money 
and as enjoying a given degree of credit. And in addition, upon 
inquiry, we are furnished all necessary details as to habits, age, 


CREDIT— ITS MEANING AND MOMENT. 


17 


business qualifications, and any other particulars having a bearing 
or influence indicative of probable success or failure of any or all of 
those who appear in the commercial report book. Mr. Bradstreet 
was the first to have such matter incorporated into the form of a 
rate-book, and the Bradstreet’s of the present day, with its vast 
amount of valuable office and book information, its army of infor- 
mation seekers, and its other armies of those who classify, arrange 
and make available the knowledge thus obtained, is the outcome of 
the insignificant beginnings in Cincinnati in 1848-9. 

Let us look now, if the reader pleases, into the manner in which 
the details of this great work are accomplished by The Bradstreet 
Company, where “ System, Fidelity and Honesty ” are the watch- 
words — where, in the printed directions presented for guidance in 
conducting the business, the following truism has prominent place : 
“Without system, the result is practically worthless; without fidelity, 
the most perfect organization fails in its purpose ; without honesty, 
the respect of the mercantile community can never be retained. 
The reputation o'f a business, as of an individual, is made by its 
record, and not by its prospectus. Those who manage, or who 
assist in managing, have a responsibility for which they will be 
held accountable, to the end that adverse criticism may be de- 
feated, that justice may be given to all, that the confidence of our 
patrons may be increased, and that success may follow.” The 
institution has its fountain-head in the Executive Office, located 
at 279, 281 and 283 Broadway, New York, and all business, no 
matter how small or how great, has its conception and origin in, 
and is returnable in its result to, that office. Superintendents are 
held responsible for the conduct of the company’s business in the 
districts assigned to the offices under their charge. A numbered 
and cardinal instruction from the executive to his subordinates is 
one which, though brief, covers so fully one of the leading ele- 
ments which help to achieve success in all branches of business that 
we quote it here : “ In your intercourse with persons be courteous 
and upright, but firm.” Another one is equally important and sig- 


I 8 CREDIT— ITS MEANING AND MOMENT. 

nificant : “ Never misrepresent, or allow an employe to misrepresent, 
any fact in regard to our business.” Another one still is worth 
mentioning in this connection : “ Employ only those who are sober 
and industrious, and retain none who are reckless and extravagant, 
and who incur indebtedness beyond their means and ability to pay.” 
Full and complete instructions are given in regard to the business of 
obtaining information, and of handling it after it is procured, down 
to the minutest particular. The method and system which obtain 
in this respect are so thorough that every man’s or woman’s work 
can be traced back to them instantly, and revised or verified, if 
occasion calls for revision or verification. All transactions, from A 
to Z, in every department, are made matters of record, while noth- 
ing is assumed or allowed to be based on assumption solely. Facts 
as hard and exacting as any Mr. Gradgrind ever groaned over in 
spirit are made the basis of all operations. Some two hundred 
blanks, simple in plan, inexpensive in form, with clear and implicit 
instructions for use, and so arranged that the work of filling up is 
trifling and not such as to admit easily of errors being made, are 
prepared and furnished to all employes. These hold the train of 
business operations which they are designed to carry as closely to 
the course of duty marked out tor them as do the iron tracks of a 
railway their vehicles of burden and passage to the road-beds over 
which they pass. 

Taking New York city as an instance of how the work in general 
is done, we have in detail an intelligent illustration of the whole 
system which controls it throughout the country. More than a 
score of experienced reporters, who are constantly employed, are 
daily assigned their duties of research in different parts of the city, 
and among business men of all classes. These are engaged in 
making inquiries from every possible source of intelligence regard- 
ing occurring changes, or the happening of events likely to lead to 
changes, and in noting successes or failures, accidents, fires, deaths, 
fortunate or unfortunate affairs, which may have an influence to 
affect the credit of any line of business, or, still farther down, 


CREDIT— ITS MEANING AND MOMENT. jg 

that of individual members or firms in any branch of trade. These 
reports are carefully examined by experienced and skillful employes, 
and are then placed upon record. Thus the records furnish at a 
glance all the reports, whether new or old ; tell when the different 
ones were made, and by whom ; so that we find the changes 
of the commercial world defined and recorded so as to form 
histories of the rise, fall or continued successful existence, as the 
case may be, of all who do a business of sufficient importance 
to give occasion for any one to learn of their commercial stand- 
ing. When inquiry comes to the New York office for information 
regarding a resident of the city, if the office is not already well 
and reliably informed, a reporter is immediately dispatched to 
obtain the necessary particulars; but none, save the one to whom 
the inquiry directly comes by virtue of his or her position, knows 
who makes such inquiry. The reporter is as ignorant of all such 
knowledge as if no particular inquiry had been made. He recog- 
nizes and represents only The Bradstreet Company. When inquiry 
comes for information to be obtained outside of New York, if the 
case is urgent, the telegraph is brought into service. If the case 
will admit of the ordinary manner of making inquiry, the first mail 
carries the application and the return mail brings back the response, 
the understanding in all cases being that prompt action must be 
had both in obtaining and forwarding the particulars sought for. 
So full and complete are the records of the Company regarding the 
mass of the trading community that a return mail usually carries 
back to the inquirer the desired information, which, if not satis- 
factory, is immediately made so, the machinery of further research 
being promptly put in operation, and such facts as are thus obtained 
are forwarded to the inquirer forthwith. Another valuable feature 
of the system is, that where inquiry has been made leading to the 
supposition that any one house is likely to have a continued interest 
in some other house, all changes or interesting information secured 
by the Company regarding the last mentioned is forwarded to the 
first named interested parties, accompanied by the request that they 


20 


CREDIT— ITS MEANING AND MOMENT. 


will, if no longer interested, return the same to the office, with a 
statement of the fact attached. In this way much valuable informa- 
tion is often imparted without the trouble even of making inquiry 
or the delay which a special application would necessitate. Many 
thousands of reports received at the New York office daily furnish 
a vast fund of information, either for immediate use or for filing 
away for future responses to inquiries, or for general and mis- 
cellaneous purposes in dispensing interesting particulars of com- 
mercial intelligence. To these may be added the four millions of 
reports already on permanent file in the archives of the office, any 
one of which may be referred to within two minutes after application 
has been made. Nearly a hundred clerks are constantly engaged in 
writing out reports, a score and a half of type-writers rattle unceas- 
ingly, and twenty copies of many reports are reproduced by litho- 
graphic process, after one copy has been made and its correctness 
verified. Errors in transcribing or in the ordinary processes of 
detailed handling are prevented as far as possible by fines, and 
correctness is stimulated by means of a system of prizes for those 
whose work is kept free from errors or shortcomings of any kind. 

Each subordinate office, that for New York being as much of a 
subordinate to the Executive Office as any out-of-town office, 
is known and worked by a number. Each person through whose 
hands a report passes leaves his mark upon it in one way or 
another; some by their initials, others by the color of the ink or 
pencil used, or by an understood mark which can be readily made. 
By this means every report can be instantly traced through all 
the operations of filing, recording, examining and entering, every 
step being thus made easy to retrace if occasion requires. Dupli- 
cate reports are sent from all the offices to those at New York 
and Philadelphia, as a means of protection in case of fire in 
either of the last-mentioned offices, where so much of the fruits of 
wide research are necessarily kept in a condition of more or less 
exposure. All papers of financial value are filed weekly with the 
Safe Deposit Company, and once a week, also, all business transac- 


CREDIT— ITS MEANING AND MOMENT. 


21 


tions of the different offices are reported to the Executive Office, 
including their financial condition, the amount of business done, 
how it was done in all particulars, and with what results, so that 
the Executive Office is at all times kept well informed as to the 
condition of the different offices. All moneys expended or received 
by the Company are sent from, or returned to, the Executive Office, 
and have their final accounting there. Thus, though a house of 
many branches, it has but one head, one line of conduct, and no 
divided responsibility. 

To concentrate so much of inquiry and reply, to so classify and 
arrange that instant response may be had, to be able to add to or 
subtract from when either addition or subtraction are called for, we 
can see in a moment is an achievement which only great system in 
detailed work and a powerful concentration of aggregated particu- 
lars could accomplish — an achievement which could only be secured 
by combining the elements of systematic research with those of a 
forcible condensation of labor, and these together held up to an 
undeviating standard of care and correctness throughout. Only 
these elements can be made to work successfully through organiza- 
tion, and that organization must of necessity be of the highest type. 
Every subscriber to the Bradstreet’s Reports has a number, and, 
no matter where located, is known by that number at the office of 
the Company. Every office has a number, every report a number, 
and all these are easily traceable and made available. Each office 
knows what every other office has done or is doing in all matters 
relating to that office. 

In its wealth of gazetteer information alone this volume of reports 
has a value almost inestimable. Every city or town, in all states, 
territories and adjoining provinces, is located, with particulars as 
to railway, postal, express, telegraphic or .telephonic facilities, all of 
which would take hours to look up in maps and guides. The vol- 
ume, also, is a useful one in that it furnishes the names of parties to 
whom circulars may be addressed in the way of introducing trade. 
It has large use and Wue in this particular alone, since it tellu 


22 


CREDIT— ITS MEANING AND MOMENT. 


who are worthy of acquaintance and who are not, who are inter- 
ested in any given line of trade and where they are to be found 
— two very important factors in the operations of the commercial 
world. 

When all this information is once gathered together, to make it 
effective and available, the substance of it all is concentrated in the 
quarto volume known as “ Bradstreet’s Commercial Reports.” 
These, for the last quarterly issue of 1882, are printed upon 1,716 
large quarto pages, from a font of sixty thousand pounds of type, the 
pages all being kept standing, and occupying, in the operations of 
necessary changes and corrections, 2,000 brass galleys, each galley 
holding a page of type. If there is a larger font of type than this in 
existence the writer hereof has never heard of it. The necessary 
“ sorts ” of the font weigh nearly a ton, a figure of weight that would 
make glad the hearts of thousands of printers who are reported upon 
in the book could they possess as much type-metal, even though 
divided into a number of fonts, as is represented in this simple font 
of “ sorts,” which is only a fraction of the thirty -ton font of type. 
Does the reader now get an adequate idea — a correct measure — of 
the enterprise which has its working representation in the house of 
The Bradstreet Company ? 

This immense font of type, however, does good service, and 
enables The Bradstreet Company to perform the greatest feat of 
expeditious printing known to the typographical fraternity of the 
world at large. Hundreds of skilled and careful printers, proof- 
readers, examination and revision clerks, and the like, are engaged 
in making the necessary changes of ratings, etc., for weeks before the 
regular issue of the quarterly book, but the pages of type assigned 
to the larger cities are left open until the day before issue. Im- 
portant items, such as prpminent failures, noteworthy changes of 
ratings, the formation of new firms, or the dissolution of old ones, are 
telegraphed from Boston, Philadelphia, Chicago, etc., at high noon 
of one day, and these are received, examined and inserted in their 
proper places in the different pages of type, after which the sheets 


CREDIT— ITS MEANING AND MOMENT. 


23 


are printed, folded and bound, and then sent forth in season to be 
in Boston and Philadelphia (and more distant cities proportionately 
early) at 12 m. the next day — all in twenty-four hours’ time ! Six 
fast presses run night and day ; scores of experienced workmen 
and workwomen respond promptly to calls for their services in this 
emergency, and the work of printing and binding goes on briskly 
for days and weeks, in duplicated and reduplicated editions, until 
the whole number required is completed and delivered. Correc- 
tions are sometimes made even after the type forms have been put 
to press, so that the book often contains announcements of im- 
portant changes which had occurred only a few hours before the 
book is in the hands of the Company’s customers. We venture the 
assertion that there is not another instance on record of as rapid 
and comprehensive work in the manufacture of a printed book as is 
presented in the execution of the quarterly volumes of Bradstreet’s 
Commercial Reports. 

The mechanical department, ’which comprises facilities for the 
printing and binding of this immense volume of reports expedi- 
tiously, as must necessarily be done, occupies the whole of two 
floors in the Bradstreet building, and is one of the best equipped 
printing-offices and book-binderies to be found in the city of New 
York, the latter department executing, as it does, some of the most 
expensive and elaborate specimens of fine book-binding known, so 
dainty and exquisite, both in design and execution, so unique and 
rare, indeed, that bibliophiles with most exacting tastes and high 
ideas of skill and art are among the Company’s best customers in 
this department. 

The executive officer, Mr. Clark, in 1879 began the publication 
of a weekly journal of trade, finance and public economy, entitled 
BRADSTREET’S, that is intended to occupy a heretofore entirely 
unexplored corner of the field of journalism ; to be of itself not a 
vender of news simply, not a medium of discussion only, not a mes- 
senger or herald simply, but a dispenser of intelligence upon which 
political, commercial and financial systems are dependent, an indi- 


24 


CREDIT— ITS MEANING AND MOMENT. 


cator of events which from the nature and tendencies of their existence 
serve either to build up or weigh down the destinies of a nation ; a 
journal which shall, in the fulfillment of its mission, be an oracle at 
once potent and influential in the commercial world, to the advance- 
ment of whose best interests it is to be specially devoted. The work of 
furnishing news regarding politics, persons and places, as occurrences 
develop, has been well exemplified by the journalism of the times. 
Able representative organs of trade and finance have long existed 
containing price quotations and discussions of questions of policy 
from theoretical standpoints, but failing, in the main, to reach down 
to the underlying facts upon which trade and finance have their foun- 
dations. In the work of Bradstreet’s the publication of prices, 
save incidentally by way of illustration, is ignored. Prices are re- 
garded as after-thoughts. Instead, the aim is to seek after the 
influences which make prices — the primary facts existing in relation 
to trade and finance. To this end the work of reporting the condi- 
tion and yield of staple crops has great attention. In this respect it 
has already accomplished in a few weeks what our government 
requires months to compass. For instance, on the 8th of October, 
1 88 1, Bradstreet’s reported the crop of corn of the country to be 
1,193,000,000 bushels — 600,000,000 bushels less than the year before 
— while the government, with all its powerful machinery and armies 
of clerks, reported, four months later, in February, 1882, that the 
crop would aggregate 1,194,000,000 bushels. Not far out of the 
way, surely. Similar instances, with like results, could be duplicated 
extensively had we space for the enumeration. The secret of all 
this capability of prompt and correct presentation of existing circum- 
stances by Bradstreet’s lies in the fact that the close connection 
held by the executive officers of The Bradstreet Company, from their 
New York headquarters, with some 65,000 inquiring minds scattered 
broadcast throughout the country, and already engaged in The 
Bradstreet Company’s service, are a powerful means for securing a de- 
sired end, and without a rival or a parallel in the history 'of the world. 
What has been thus fa*r accomplished in this respect by Bradstreet’s, 


CREDIT— ITS MEANING AND MOMENT. 


25 


as already herein instanced, shows plainly what advantages it has 
over the measurably unwieldy red-tape intricacies of the national 
government. Thus far the most attention has been given to the 
cotton crop, so far as relates to continuous reporting from month to . 
month, while the summaries as to the yield of wheat and com have 
been extremely accurate. The editor’s work is conducted upon the 
principle that trade and financial meanings can be given in very 
few words. The aim is therefore to keep the records in the edi- 
torial room and give the meanings thereof to the public. Thus is 
Bradstreet’s creating a responsible journalism of trade and finance. 
It keeps the teaching of dogma at the minimum, and follows a line 
of practice rather than one of theory. Its work is to analyze and 
explain — to inform rather than to insist upon the acceptance of 
theory or opinion only. In the gathering of information the tele- 
graph is freely used, and in due course of time it is proposed to have 
dispatches from all principal trading points in the world having 
close relations with the commercial interests of this continent. 
Bradstreet’s is not a New York publication in the ordinary 
acceptation of the term. Circumstance and convenience have 
given it a habitation on New York’s great Broadway thoroughfare, 
but account is taken of London, and the other noteworthy places of 
the world at large as well, about equally with New York. Is it too 
much, then, to predict as the outcome of this example of unique 
special journalism a place and prominence never yet enjoyed by a 
serial publication of representative facts and figures ? As the 
announcements of the European Lloyd’s are the sine qua ?ion of all 
marine intelligence worth imparting throughout the Old World, so 
does Bradstreet’s bid fair to become the authority as to the con- 
dition and prospects of the commercial world of the future. 

The stock of the Company is held in such few hands that it is 
virtually a close corporation. The capital now invested is more 
than $1,000,000, and on this amount satisfactory dividends are reg- 
ularly earned and paid. There are seventy-seven offices, located 
in commercial centers, and new ones are being created as rapidly as 


26 


CREDIT— ITS MEANING AND MOMENT. 


the country develops sufficiently to make their establishment useful 
or profitable. A central office at London supplies England and the 
Continent with valuable agency service, which is being increased 
constantly, both in extent and efficiency. The Agency already 
covers, in its field of reporting service, all the United States, 
Canada, Australia and the Sandwich Islands, and will soon embrace 
Mexico. 

A few figures will be suggestive, at least, and may not prove 
uninteresting here. In the detailed operations of the work of the 
Company the postage bill last year was $61,768.60; the telegraph 
charges for the same time were about $19,000, and it cost $120,000 
for the year to execute the printing required. There are 1,200 
employes listed on the Company’s pay-roll, who give their entire 
time to its service, with salaries ranging from $25 to $500 each per 
month, and the salary account calls for $100,000 monthly — $1,200,- 
000 a year! In addition to those regularly employed, the Com- 
pany has a list of sixty -jive thousand correspondents , from whom 
current inquiries are constantly being made. These last are, in 
addition to those generally spoken of, employes of the Company, and 
are constantly increasing in number. 

Thus, at considerable length of descriptive comment, have we 
glanced at some of the material elements comprising “ Bradstreet’s ” 
and seen how well and thoroughly it has been built, and that all that 
has heretofore been accomplished is only in the nature of founda- 
tion work for the structure yet to arise, and to be completed and 
perpetuated for the benefit of coming generations. 

We paused on the staircase-landing to take a momentary survey 
of the occupants in the Bradstreet office, as noted in the opening 
paragraph of this paper, much wondering, and not a little bewildered, 
at the sight there spread out before us. How much more, then, do 
we find ourselves amazed and wondering as we look back over all 
the details and particulars herein set forth ? How utterly do we fail 
to grasp to the full extent the measure and meaning of the work of 
such an institution — of which the hurry ing-by world knows but little, 


CREDIT— ITS MEANING AND MOMENT. 


27 


practically — and we pause again and ask, while we linger, if devel- 
opment- and progress of such moment to the commercial world as 
are herein chronicled be the accomplishments of a decade or two of 
years, what may we not look for, in the near future of our country’s 
rapidly swelling business life, from a house so progressively con- 
ducted and represented as is that of The Bradstreet Company ! 




THE 


Bradstreet Mercantile Agency. 


Oxe Organization ! One Management! One Interest! 

VOLUMES ISSUED QUARTERLY. 

Sheets of Changes Semi-Weekly. Constant Revisions and 
prompt Notification to Subscribers. 


We spare no effort to make our work complete, comprehensive, and reliable 
in all its features, and endeavor to anticipate the wants of our patrons. Many 
improvements have been recently incorporated which have never heretofore 
appeared in any Commercial Reports. The compilation of the Collection Laws, 
which we have printed under the state headings, has been made by representa- 
tive attorneys, and may be relied upon. We believe this feature will be appre- 
ciated by all who have occasion to grant credits covering different sections of the 
country. Inasmuch as our books are published quarterly, we shall be able in 
future to give any amendments to these laws down to the very latest date. 

We have also introduced, under each town or village head, concise informa- 
tion, showing its actual or relative position ; whether on a railroad, steamboat, 
or stage route ; the population ; and whether a telegraph, express, or money- 
order office; and, if without a bank or banker, the nearest place where collections 
can be sent. As a Shipping as well as Collection Guide, this will be almost 
invaluable, it being more comprehensive, and we intend it shall be more reliable, 
than any published otherwise. We have also tabulated the Banks and Bankers 
throughout the United States and Canada, giving their capital, etc., as well as 
their New York correspondent, which we shall publish as an appendix to each 
volume, retaining, however, the names as they appear at present, under their 
respective town or city, in the regular volume. 


30 


THE BRADSTREET COMPANY. 


These improvements are but an index of what we intend to do for our patrons 
in the future. Owning and directing our whole business, from London to San 
Francisco, as from Montreal to New Orleans, we are able to control it in all its 
branches, and thus have unequalled facilities for its positive and prompt transac- 
tion, and it is not possible for the interests of our patrons to suffer from conflict of 
authority or interest with local managers. 

DETAILED REPORTS. 

For the further development of the important branch of our business, viz., 
that of Detailed Reports , not only do our special reporters visit the various cities 
and villages in the district assigned each office, and carefully revise the reports 
already on record, writing also fully of those who have recently commenced 
business, but our correspondents are established in every town and hamlet, and 
are constantly advising us of the changes in the condition of all engaged in com- 
mercial pursuits. In addition to this, each office in the 7 vhole connection is 
required to transmit daily (to offices needing it), a copy of all information 
received by them (either from their travelers or correspondents), covering such 
trades as seek credit in other than local markets. By this system thousands of 
reports are being constantly interchanged (the average received by the laiger 
offices during the past year having been more than 2500 a day), the majority 
reaching their destination 7 vithin ten days from the time of leaving the corre- 
spondents' or travelers' hands. The value of this daily reciprocation having 
proved so great, and been so thoroughly commended by our patrons, we feel 
that we have touched the keynote, and that in future we shall anticipate the 
wants of all who need and seek information influencing commercial credits, 
whether of the local trade or that in the remotest places in the United States and 
British Provinces. 

To our Subscribers we furnish — 

1. The use of our Book of Reports, carefully revised, and issued quarterly, 
giving the names, business, estimated worth and credit, of Merchants, Manufac- 
turers, and Banks in the United States and Dominion of Canada. Under each 
state head, an abstract of its collection laws; under the town heads, the location, 
whether on a railroad or stage line, the population, and whether a telegraph, 
post-office money-order, and express office, as also the nearest bank or banker in 
such places as have none; also, a tabulated list of the banks and bankers of the 


THE BRADSTREET COMPANY. 3 I 

United States and Canada, as an appendix; and, at a small additional cost* 
Pocket Editions of single states, for the use of Commercial Travelers. 

2. A Semi-weekly Sheet, showing failures, dissolutions, judgments, chattel 
mortgages, etc., as well as any material change in the grade of credit. 

3. Written Reports, upon application in person or by letter, giving the time 
in business, capital invested, estimated worth, character, prospects of success, 
etc. (While making no claim of infallibility, we are prepared to prove that the 
information we furnish is usually more comprehensive and reliable than can be 
obtained by our patrons in person.) 

4. Promptly any information, reported to us, impairing the credit of their 
Customers, we having previously received a list of the same. 

5. The Address of well-recommended Attorneys, throughout the United 
States, who collect and attend to other legal business, at reasonable rates. 

6. A Letter of Introduction, to enable them to receive the benefit of the 
Records at any of our offices in the states represented in the volumes loaned, 
which, in conjunction with the Pocket Editions, are of great benefit to Commer- 
cial Travelers. 

Relying solely on the merits of our work, we respectfully solicit an examina- 
tion of our system, with the assurance of our ability to substantiate all we claim, 
and with the knowledge that it is worthy of the earnest consideration of every 
grantor of credit. 



32 


THE BRADSTREET COMPANY. 


OFFICES. 










EXECUTIVE OFFICES. 

NEW YORK, N. Y 279, 281 & 283 Broadway 


OFFICES. 

ALBANY, N. Y 57 State Street 

ATLANTA, Ga Block Building, cor. Alabama and Pryor Streets 

AUGUSTA, Ga Cor. Broad and Seventh Streets 

AUSTIN, Texas 101 West Pecan Street 

BALTIMORE, Md American Building, cor. Baltimore and South Streets 

BINGHAMTON, N. Y 81 Court Street 

BIRMINGHAM, Ala 

BOSTON, Mass 100 Franklin Street, cor. Devonshire 

BUFFALO, N. Y Brown’s Buildings, cor. Main and Seneca Streets 

BURLINGTON, Iowa N. W. cor. Main and Market Streets 

CHARLESTON, S. C 155 Meeting Street 

CHATTANOOGA, Tenn 220 Market Street 

CHICAGO, 111 S. E. cor. Dearborn and Washington Streets 

CINCINNATI, Ohio 82 West Third Street 

CLEVELAND, Ohio 1 & 2 Bratenahl Block 

COLUMBUS, Ohio 133 North High Street, Room 3 

DALLAS, Texas 703 Main Street 


DAVENPORT, Iowa 213 Main Street 

DAYTON, Ohio Firemen’s Insurance Building, S. W. cor. Main & Second Streets 

DENVER, Col Tabor Building, cor. Sixteenth and Larimer Streets 

DES MOINES, Iowa Over Valley Bank 

DETROIT, Mich Nos. 6 & 8 Chamber of Commerce 

DUBUQUE, Iowa Cor. Main and Eighth Streets 

EVANSVILLE, Ind Cor. Main and First Streets 


GALVESTON, Texas 

GRAND RAPIDS, Mich.... 

HELENA, Mon 

HOUSTON, Texas 

INDIANAPOLIS, Ind 

KANSAS CITY, Mo 

LAWRENCE, Kansas 

LEAVENWORTH, Kansas 

LINCOLN, Neb 

LITTLE ROCK, Ark 

LOUISVILLE, Ky 

MACON, Ga 


24 Strand 

Pierce Block, Room 7 

Frary Building, Room 4, Broadway 

Cor. Main and Preston Streets 

— Meridian Street, near Washington 

Journal Building, cor. Delaware and Sixth Streets 

Cor. Massachusetts and Winthrop Streets 

315 Delaware Street 

1005 O Street 

110 Markham Street 

— Hamilton Building, cor. Main and Sixth Streets 
108 Cherry Street 


THE BRADSTREET COMPANY 


33 


MEMPHIS, Tenn 15 Madison Street 

MILWAUKEE, Wis Cor. Huron and East Water Streets 

MINNEAPOLIS, Minn Boston Block, cor. Hennepin Avenue and Third Street 

MONTGOMERY, Ala 16 Perry Street 

NASHVILLE, Tenn 13 & 14 Noel Block, cor. Church and College Streets 

NEWARK, N. J 776 Broad Street 

NEW HAVEN, Conn Cor. Chapel and Orange Streets 

NEW ORLEANS, La 33 Camp Street 

NEW YORK 279, 281, 283 Broadway 

NORFOLK, Va 87 West Main Street 

OMAHA, Neb Twelfth and Eamam Streets 

PEORIA, 111 108 Adams Street, Dewein’s Block 

PHILADELPHIA, Pa Mutual Life Build’g, N. W. cor. Tenth and Chestnut Streets 

PITTSBURGH, Pa 80 Fourth Avenue 

PORTLAND, Oregon Rooms 8 and 9 Reid’s Block, cor. First and Pine Streets 

PROVIDENCE, R. 1 4 Weybosset Street 

QUINCY, 111 Cor. Fifth and Hampshire Streets 

RICHMOND, Va 1219 Main Street 

ROCHESTER, N. Y Monroe County Savings Bank Building, State Street 

ST. JOSEPH, Mo — Cor. Fourth and Edmond Streets 

ST. LOUIS, Mo 500 & 502 North Third Street, cor. Vine 

ST. PAUL, Minn Davidson Block, Room 4 

SALT LAKE CITY, Utah 178 Main Street 

SAN ANTONIO, Texas 32 Soledad Street 

SAN FRANCISCO, Cal 230 California Street, cor. Battery 

SAVANNAH, Ga Commercial Block, cor. Drayton and Bay Streets 

SELMA, Ala 30 Broad Street 

SPRINGFIELD, 111 N. W. cor. Public Square 

SPRINGFIELD, Ohio Masonic Block 

SYRACUSE, N. Y White Building, cor. Washington and Salina Streets 

TERRE HAUTE, Ind Cor. Main and Sixth Streets 

TOLEDO, Ohio Drummond Block, Room 12 

TOPEKA, Kansas 155 Kansas Avenue 

TROY, N. Y 273 River Street 

UTICA, N. Y 58 Franklin Square 

WACO, Texas Hogan Building, cor. Fourth Street and Austin Avenue 

WASHINGTON, D. C Cor. Ninth Street and Pennsylvania Avenue 

CANADA. 

HALIFAX, N. S Merchant’s Bank Building, cor. Georges and Hollis Streets 

MONTREAL, Prov. of Quebec 422 Notre Dame Street 

TORONTO, Prov. of Ontario 36 Front Street, East, and 29 Wellington Street, East 

ENGLAND. 

LONDON 84 Newgate Street, E. C. 

Also a Continental Correspondence 


34 


THE BRADSTREET COMPANY. 


BRADSTREET’S 

A Journal of Trade , Finance and Public Economy . 


Published by The Bradstreet Company, 279 to 283 Broadway, 

NEW YORK. 


Terms $5.00 per year in advance , including postage. Single copies 10 cents. 

Specimen Copies will be sent free upon Application. 


As a financial and commercial newspaper, the foremost purpose 
of Bradstreet’s is to be of practical service to business men. 

Its special trade and industrial reports, its weekly epitome of 
bankruptcies throughout the United States and Canada, and the 
summaries of assets and liabilities, are alone worth the subscription 
price. 

The synopses of recent legal decisions constitute an exceedingly 
valuable feature. 

As commercial transactions, in the wider sense, are coming to be 
more and more conducted on a statistical basis, the information 
contained in Bradstreet’s is of the first importance, both to 
producers and middle-men. 


THE TRADE AND AGRICULTURAL SITUATION THROUGHOUT THE 
UNITED STATES AND CANADA IS REPORTED BY TELEGRAPH 
TO BRADSTREET’S UP TO THE HOUR 
OF PUBLICATION. 


THE BRADSTREET COMPANY. 


35 


PRINTING DEPARTMENT. 


This department of our business is furnished with 
all the modern facilities, and particular attention is 
given to the execution of orders for 

FIRST-CLASS PRINTING 


OF EVERY DESCRIPTION. 

BOOKS, 

PAMPHLETS, 

CIRCULARS, 

BILL-HEADS, 

STATEMENTS, 

CARDS, 

ETC., ETC., ETC. 


Correspondence is solicited and estimates promptly given. 


3<5 


THE BRADSTREET COMPANY. 


BINDING DEPARTMENT. 


This department having been recently reorganized, we are now 
prepared to execute orders for 


EVERY DESCRIPTION OF 

BINDING IN LEATHER, 


FROM THE ORDINARY PERIODICAL TO 
THE FINEST WORK IN 


VELLUM , LEVANT, MOROCCO, CALF, 
AND RUSS/A. 


WITH ELABORATE HAND-TOOLING. 


The attention of Private Illustrators is especially invited. 


